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Macro-economic index effect on house prices in China

Macro-economic index effect on house prices in China The purpose of this study is to estimate different data models on house prices using statistical models and the variables which are controlled by real estate policy.Design/methodology/approachThis study used several statistical techniques, such as Vector auto-regression (VAR), Johansen co-integration and variance decomposition, which aim to assess the significant effect of macroeconomic factors on Chinese house prices.FindingsThe results show that land supply and other variables have negative effects on house prices. The results also indicate that financial mortgages for real estate have positive effects on house prices and the area of vacant houses as well as the area of housing sold.Research limitations/implicationsThis study only covers three cities in China because of limitations of data for other cities.Originality/valueThis study proposes policy suggestions according to the empirical results obtained. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Housing Markets and Analysis Emerald Publishing

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References (49)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1753-8270
DOI
10.1108/ijhma-03-2017-0025
Publisher site
See Article on Publisher Site

Abstract

The purpose of this study is to estimate different data models on house prices using statistical models and the variables which are controlled by real estate policy.Design/methodology/approachThis study used several statistical techniques, such as Vector auto-regression (VAR), Johansen co-integration and variance decomposition, which aim to assess the significant effect of macroeconomic factors on Chinese house prices.FindingsThe results show that land supply and other variables have negative effects on house prices. The results also indicate that financial mortgages for real estate have positive effects on house prices and the area of vacant houses as well as the area of housing sold.Research limitations/implicationsThis study only covers three cities in China because of limitations of data for other cities.Originality/valueThis study proposes policy suggestions according to the empirical results obtained.

Journal

International Journal of Housing Markets and AnalysisEmerald Publishing

Published: Jun 4, 2018

Keywords: Housing; Price; Macroeconomics; Beijing; Shanghai; Tianjin

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